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We're Having A Baby! Best Ways To Save Money For The Baby's Arrival

We’re Having A Baby! Best Ways To Save Money For The Baby’s Arrival

A baby is always a miracle, especially to first-time parents. Although love can do so much to unite the couple, it cannot be denied that a baby creates a very deep bond between the two. They strengthen relationships and bring the couple closer together.

We're Having A Baby!  Best Ways To Save Money For The Baby's Arrival

Planning to have a baby? Follow these tips. Photo credit:

However, babies can also put a strain on a couple’s relationship. This is why both parties should be physically, emotionally, psychologically, and financially ready to take on the responsibility of being a parent before deciding to have a child.

Babies can be pretty expensive, and the expenses are only going to increase as they grow up. For this reason, you have to start saving money not only for the baby’s arrival but for your future as a family unit as well. Below are some ways to save money for your family.

Pay All Your Debts

The longer you put off paying all your debts, the higher the interests you pay, and the more money you waste.

To start saving for your family, you should pay all your debts quickly. Say for example you received a nice salary increase or a huge commission, then instead of spending it on a vacation somewhere or buying the latest gadgets, what you can do instead is to pour the extra cash into your monthly debts and loans. This can take a huge chunk out of the principal amount, decreasing the interest that you will have to pay and allowing you to pay off the total amount quickly. The sooner you pay your debts, the more money that you could save.

Save Money on Your Car Insurance

Car insurance can be pretty costly. The cost will only go higher if you are considered a high-risk. Some factors that increase your car insurance cost are the type of car you are driving, your neighborhood, occupation, driving habit, credit score, and even your gender and age.

There are ways that you can decrease your car insurance rate to save money for the new baby. You could carpool with an officemate to and from work, says You may not know it but most car insurance companies look at your mileage to determine your insurance rate. The fewer miles you drive (below 7,500 miles), the cheaper your car insurance cost gets. The more miles you drive (13,000 miles and up), the higher the cost becomes. Carpooling with someone decreases your mileage, reduces your car insurance cost, helps you save on gas, and allows you to pour more money into your personal savings.

Another way to save money on car insurance is to get a cheaper, more fuel-efficient family-friendly car such as a Suzuki Alto. The insurance rate for this type of vehicle is definitely lower compared to sports car.

Cut Down on Your Restaurant and Fast-Food Expenses

If you compute the money you spend monthly on your restaurant and fast-food expenses, you will feel a little bit guilty and sorry. The money could have gone to paying off your debts sooner or to your personal savings account, money that could have been for the baby.

All is not lost though since you can still correct the situation. Instead of eating at restaurants, why not cook at home instead? Not only is it cheaper, but also healthier for everybody as well.

Jennifer D’Adamo is a blogger for family and parenting sites. She writes about tips for saving money and responsible parenthood.

Tim Esterdahl

Tim Esterdahl is the editor of IFCS blog. He is a married father of three and enjoys golf in his spare time.
Tim Esterdahl

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